Our area of interest is Oak Bay, Victoria, Saanich, View Royal, Esquimalt, and Langford.
Our criteria for houses is under $425K with a suite or suite potential. These are total numbers of listings and sales since late January.
176 total listings (9 new since July 17)
141 total sales (16 sales since July 17)
sales to listings = 80% (up 6%)
17 taken off market (1 twice)
Our criteria for condos is 2 bed 1 (or more) baths under $250K. Again, total numbers since late January.
309 total listings (22 new since July 17)
212 total sales (13 sales since July 17)
sales to listings = 68% (down 1%)
46 taken off market
SFH inventory in our segment continues to dwindle. For every new listing in July, 1.16 homes sold. We've been watching this segment very closely and honestly would have gone to check out a few had any of them been deemed viable options for us. The reality is they're not. Back in February, we saw about a dozen potential homes. Today, not so much. SFH are getting more expensive in this segment. We don't see anything priced above $425K. I'm almost willing to bet that if we changed our criteria to $450K we'd see many more properties. That's barely a 6% increase in price, but wow does it ever price us out quickly.
Condos are doing funny things right now. We're seeing prices all over the place. Despite the 68% sales/listings ratio I'm tempted to think that condos in our segment are definitely in a bit of an inventory spike/buyers market. We're seeing one-week price reductions. You can see some signs of rush selling; which is likely a result of needing to close on the next purchase rather than any market-related panic selling. We're also seeing fewer flipped units.